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2019-11-05 15:00:00

OIL PRICE: NEAR $63

OIL PRICE: NEAR $63

REUTERS - Oil prices rose on Tuesday on positive economic data and hopes for a Washington-Beijing trade deal that will lead to a de-escalation in tensions between the world's top economies.

Brent crude LCOc1 was up 66 cents, or 1%, at $62.79 a barrel at 1016 GMT.

U.S. crude CLc1 rose 48 cents, or 0.8%, to $57.02 a barrel.

Oil has been supported by hopes for a trade deal between the United States and China, the two biggest oil consumers, that could boost demand.

China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a "phase one" U.S.-China trade deal.

"If some of the existing tariffs were to be dismantled, that should restore some measure of global demand for oil as economic and trade conditions recover," said Han Tan, market analyst at FXTM.

Investors are also keeping an eye on U.S. inventory data due later.

U.S. crude oil inventories were forecast to have risen last week, while refined products stocks likely declined, a preliminary Reuters poll showed on Monday.

The Federal Reserve's interest rate cut last week, recent weakness in the dollar, and improved U.S. jobs growth in October also provided support, analysts said.

"We believe that the strength in oil prices will be short-lived, given the scale of the surplus that is expected over the 1H20," ING analyst Warren Patterson said, referring to the first half of 2020.

"The risk to this view is if OPEC+ surprises the market in December by announcing even deeper than expected cuts for 2020."

The Organization of the Petroleum Exporting Countries, Russia and other producers, a group known as OPEC+, have since January implemented a deal to cut oil output by 1.2 million barrels per day.

Iranian Oil Minister Bijan Zanganeh said on Monday that he expected further production cuts to be agreed at the next meeting of the group in December.

OPEC said it would supply a diminishing amount of oil in the next five years as output of U.S. shale and other rival sources expands.

OPEC’s production of crude oil and other liquids is expected to decline to 32.8 million barrels per day (bpd) by 2024, the group said in its 2019 World Oil Outlook.

OPEC Secretary-General Mohammad Barkindo said on Tuesday that the oil producer group fully supports the Paris Agreement on climate change, a day after the Trump administration said it had filed paperwork to withdraw the United States from the pact.

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Earlier:

OIL PRICE: NEAR $63
2019, November, 1, 14:25:00
OIL PRICE: NEAR $60 ANEW
Brent crude was up 27 cents, or 0.4%, at $59.89 a barrel, West Texas Intermediate crude rose 32 cents to $54.50 a barrel,
OIL PRICE: NEAR $63
2019, October, 30, 10:25:00
OIL PRICE: NOT ABOVE $62 ANEW
Brent crude was down 18 cents, or 0.3%, at $61.41 a barrel, WTI crude was down 27 cents, or 0.5%, at $55.27 a barrel,
OIL PRICE: NEAR $63
2019, October, 28, 14:20:00
OIL PRICE: NOT ABOVE $62
Brent crude was down 32 cents, or 0.‮‮5‬‬%, at $61.7‮‮0‬‬ a barrel by ‮‮0‬‬933 GMT, having gained more than 4% last week, its best weekly gain since Sept. 20. West Texas Intermediate (WTI) crude was down 33 cents, or 0.6%, at $56.33 a barrel, after rising more than 5% last week, also the biggest weekly increase since Sept. 20.
OIL PRICE: NEAR $63
2019, October, 25, 10:30:00
OIL PRICE: ABOVE $61
Brent was down 18 cents, or 0.3%, at $61.49, WTI was down 21 cents, or 0.4%, at $56.02.
OIL PRICE: NEAR $63
2019, October, 23, 12:50:00
OIL PRICE: NEAR $59 AGAIN
Brent were down 25 cents, or 0.43%, to $59.45 a barrel , WTI for December delivery fell 32 cents, or 0.59%, to $54.16 per barrel
OIL PRICE: NEAR $63
2019, October, 21, 13:55:00
OIL PRICE: NEAR $59 YET
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OIL PRICE: NEAR $63
2019, October, 18, 12:00:00
OIL PRICE: NEAR $60
Brent fell by 21 cents, 0.4%, to $59.70 a barrel , WTI edged down by 4 cents, or 0.1%, to $53.89 per barrel.
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